M.Y. Safra Bank Boosts Rates On Online CD Specials

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Deal Summary: 1-Year CD Special, 1.48% APY; 18-Month CD Special, 1.57% APY; 3-Year CD Special, 1.93% APY; $5k min/$250k max, new money.

Availability: Nationwide

In March, I wrote about M.Y. Safra Bank’s new Online CD Specials, which are part of the Bank’s foray into internet banking. M.Y. Safra Bank has just raised the rates on all the Online CD Specials, with the 1-Year (1.48% APY), 18-Month (1.57% APY), and 3-Year (1.93% APY) being the most competitive. The Special CDs require a minimum $5k opening deposit of new money, with a stated balance cap of $250k. M.Y. Safra Bank offers a "Jumbo" version of the CD Specials that requires a minimum $100k deposit, but the APY is the same.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.01%$5k-M.Y. Safra Bank36 Months Online Promo CD (New Money)
1.67%$5k-M.Y. Safra Bank18 Months Online Promo CD (New Money)
1.58%$5k-M.Y. Safra Bank12 Months Online Promo CD (New Money)
Accounts mentioned in this post. Rates as of September 20, 2017.

The fine print on the promotion page states,

Negotiable rates are available for deposits of more than $1 million.

CSR explained that while individual CDs are limited to a maximum $250k deposit, if four or more $250k CDs were to be opened, the APY is negotiable.

As stated in the Truth-In-Savings Disclosure (page 24), the Early Withdrawal Penalty reads as follows:

The penalty will be an amount equal to the greater of credited or 90 days interest.

The online application reads,

If funding your new accounts by electronic transfer from another financial
institution, please have ready their routing number and your account number.

giving me hope that funds from a maturing CD could be distributed in the same manner. According to CSR, the Bank’s standard practice is to issue a check upon maturity, but the funds could be sent by wire for a $20 fee.

In our conversation, CSR also mentioned that Social Security numbers are required when naming any beneficiaries.

Availability

Headquartered in New York City, M.Y. Safra Bank came into being when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Special CDs can be opened by all “U.S. natural persons depositing new funds” and must be opened online.

M.Y. Safra Bank does have one full-service branch located in Manhattan on Park Avenue at 59th Street.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on March 31, 2017 data. In the past year, M.Y. Safra Bank has increased its total non-brokered deposits by $8.94 million, an excellent annual growth rate of 5.64%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

How the Online CD Specials Compare

When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 1-Year Online CD Special APY currently ranks second.

When compared to the 144 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 18-Month Online CD Special APY currently ranks second.

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 3-Year CD Special APY currently ranks third.

The above rates are accurate as of 6/8/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our new Rates Map page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
M.Y. Safra Bank Adds Direct Online Money Market

UPDATE: 8/3/17 - Availability is now limited to "New York Tri State Area."

Deal Summary: Direct Online Money Market Account, 1.10% APY, $5k min/$500k max.

Availability: Nationwide New York Tri State Area

New York-based M.Y. Safra Bank (MYSB) has added a Direct Online Money Market account, which is available only to existing customers. This new account earns 1.10% APY on balances between $5k and $500k, and the stated APY is guaranteed through December 31, 2017. A minimum $5k of new money is required to open...

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M.Y. Safra Bank Features Online Special CDs

Deal Summary: 1-Year Special CD, 1.36% APY; 2-Year Special CD, 1.58% APY; 3-Year Special CD, 1.81% APY; $5k minimum, new money.

Availability: Nationwide

New York-based M.Y. Safra Bank is currently promoting three online Special CDs: 1-Year Special CD, 1.36% APY; 2-Year Special CD, 1.58% APY; and 3-Year Special CD, 1.81% APY. All three Special CDs require a minimum $5k opening deposit of new money. M.Y. Safra Bank offers a "Jumbo" version of the Special CDs that requires a minimum $100k deposit, but the APY is...

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